Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
While the Nasdaq hovered at new highs on Monday, Amazon was marking a milestone of its own. The company went public on this day 20 years ago as an unprofitable online bookstore that was just three years old.
Here’s how rich you’d be if you invested $US1,000 in Amazon when it first went public. And here’s how much its earliest investors have earned.
A 150-year old Canadian bank is muscling in on Wall Street. Banks are failing again in America. And JPMorgan just bought a Dublin building to house 1,000 staff for post-Brexit job flexibility.
UBS has hired one of Wall Street’s most senior women to oversee $US600 billion. A UK hedge fund made a $US500+ million bet on Wells Fargo. Baupost Group invested nearly half a billion dollars in semiconductor company Qorvo in the first quarter. And David Tepper made a big bet on Bank of America.
Nasdaq’s CEO told Vanderbilt MBA grads how going “all in” on a project no one else wanted in her 20s changed the course of her career.
A big deal in biotech is going to line the pockets of some of Wall Street’s biggest firms. Apple reportedly acquired an AI startup focused on “dark data” for $US200 million.
Sears CEO’s master plan to profit off the demise of his stores is taking a turn for the worse. In related news, the retail apocalypse is coming — it just may take longer than people think.
In markets news, one group of companies has emerged as the clear winner of this earnings season. Stocks just did something they hadn’t done since 1995.
Saudi Arabia and Russia agreed to extend crude-oil output cuts until March 2018. Here’s what you need to know:
Here’s the latest company news:
- AIG names Brian Duperreault as its CEO
- A major Tesla bull just downgraded the stock, and shares are sliding
- JCPenney sinks after UBS warns of a “tough path forward”
- Cybersecurity stocks are rallying after the global ransomware attack
- The restaurant industry is in the depths of a recession — and chains are only making the problem worse
And here are some highlights from a few recent Business Insider interviews:
- Investing legend Ray Dalio shares the simple formula at the heart of his success
- $US385 BILLION FUND CHIEF: Fund managers are miserable
- JAMIE DIMON: There’s no such thing as a dead-end job
There’s now a vending machine in Singapore that dispenses Ferraris. One of the rarest watches in the world just sold for $US5 million and became the most expensive Rolex ever. And a cocktail that was forgotten for almost 50 years is suddenly taking over city bars.
Lastly, people prefer tap water over “premium” £1.49 Fiji Water in a blind taste test.